The capital city of Hanoi ranked first in the nation in attracting investment from European Union countries, with 357 projects worth 3 billion USD, according to the Foreign Investment Agency (FIA).

EU investors have funded projects in 52 provinces and cities, focusing on Ba Ria-Vung Tau, Quang Ninh and Dong Nai as well as Hanoi and Ho Chi Minh City. The agency reported that 23 out of the EU’s 28 member states had invested nearly 19 billion USD in Vietnam with 1,535 valid projects as of October 20.

The Netherlands topped the list with 221 projects with registered capital of 6.58 billion USD, accounting for 34.7 percent of EU investment in the country.

France ranked second with 418 projects with investment capital of 3.3 billion USD, or 17.4 percent of EU investment. The UK and Germany followed with 2.82 billion USD and 1.33 billion USD respectively.

The EU countries are mainly interested in the Vietnamese processing and manufacturing industry. EU investors play a large role in this industry with 547 registered projects worth over 6 billion USD, 31.8 percent of total investment. They have also invested 3.52 billion USD in 19 projects in the electricity and gas sector, as well as additional capital in the information and communications, real estate and mining sectors due to their economic potential and technological advantages.

The EU’s major projects in Vietnam

The 2 billion USD Mong Duong 2 BOT coal-fired power plant, with two units and capacity of 1,240MW, is currently under construction in Mong Duong precinct, Cam Pha city, Quang Ninh province. The project owner is AES-VCM Mong Duong Power Company Limited.

A business cooperation contract on CDMA 800Mhz mobile phone network services between Vietnam Posts and Telecommunications Group (VNPT) and Hutchison Telecommunication, R.L (Luxembourg) with a total investment of 1.04 billion USD.

A business cooperation contract on telecommunications between Vietnam Posts and Telecommunications Group (VNPT) and France Cables et Radio in Vietnam (France) to build new construction works, upgrade and provide telecommunications services with a total investment of 615 million USD.

via EU pours 19 billion USD into Vietnam — Vietnam+ (VietnamPlus).

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Thailand, Pakistan, Vietnam among most vulnerable countries to energy shock

Morocco, Thailand, Vietnam and Pakistan are some of the most-affected larger economies, based on energy import and gross domestic product data from the United Nations.

Why Binh Duong is a Magnet for FDI in Vietnam?

The province, with its 30 industrial zones is second only to Ho Chi Minh City, in terms of FDI attraction.

How the Russia-Ukraine Conflict is Affecting Businesses in Vietnam

Vietnam-based businesses are already facing challenges regarding trade with Russia and Ukraine. Several businesses have complained about rising transport costs as Russian banks have been cut from SWIFT, the leading international payment system.